Unlocking Hidden Potential: Bellringer’s Approach to Non-Core Assets

?In the property world, success often focuses on core assets—health and educational precincts, office towers, residential developments, and logistics hubs. But what about the non-core assets that enhance these environments? Often overlooked, spaces like underutilised retail strips, inactive laneways, and forgotten public areas can generate significant economic and community benefits when strategically activated.

Bellringer has developed a people-centred, data-driven approach to revitalising these spaces. By transforming non-core assets into vibrant precincts, Bellringer unlocks economic value, improves tenant performance, and enhances the broader community experience.

The Hidden Value of Non-Core Assets

Non-core assets are often deemed surplus, expendable, or merely placeholders—or something that can be leased at the end of the project. These spaces can range from retail stores and community spaces to forgotten public areas. The challenge lies in their underutilisation despite sitting in prime locations with strong catchments.

Yet, when planned and activated strategically, these spaces can drive both economic returns and community outcomes. The Urbis Shopping Centre Benchmarks 2024 report highlights that precincts integrating flexible, non-core spaces see higher foot traffic, longer dwell times, and improved tenant retention rates.

Economic Benefits of Precinct Activation

Increased Foot Traffic & Sales

According to the Urbis Shopping Centre Benchmarks 2024, shopping precincts integrating gyms, childcare, and wellness hubs experience a 12% increase in foot traffic, directly benefiting surrounding retail tenants.

Higher Moving Annual Turnover (MAT)

Precincts introducing flexible spaces and community activations saw an 8.1% uplift in MAT between 2019 and 2022, driving sustained revenue growth.

Stronger Tenant Retention

Tenant retention improved by 18% in precincts with active non-core spaces, demonstrating the importance of designing for both commercial viability and user experience.

Case Study: ANU Union Court Redevelopment – "Kambri"

The redevelopment of Kambri at ANU exemplifies the potential of non-core asset activation. The transformation of underutilised university space into a thriving mixed-use precinct delivered:

• 140% increase in total retail rental income
• 70% uplift in specialty rents per square metre
• A new customer segment drawn from the broader Canberra community

This redevelopment demonstrates that when designed with a community-first approach, non-core assets can deliver significant economic uplift for core assets.

The Bellringer Blueprint for Ground Plane Retail Development

To maximise the success of non-core assets, Bellringer follows a structured development process that integrates people-centred design, operational efficiency, and community-driven placemaking.?

Key Pillars of the Blueprint

1. People-Centric Design & Diversity – Engage communities early, ensuring spaces reflect their aspirations and needs.
2. Connectivity – Strengthen physical, visual, and digital connections to improve dwell time and engagement.
3. Compressed & Layered Environments – Human-scaled precincts encourage exploration and interaction.
4. Authenticity & Local Character – Precincts should reflect their surroundings, avoiding generic design approaches.
5. Flexibility – Adaptive spaces reduce vacancy risks and allow for multi-use programming.
6. Retail Tenancy Strategy – Balancing anchor and specialty tenants ensures economic sustainability.
7. Operational Efficiency – Sustainable, cost-effective property management enhances long-term viability.

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Future-Proofing Non-Core Assets: Lessons Learned

To unlock the full potential of non-core assets, property owners must think beyond immediate ROI. Long-term success comes from designing precincts that serve both community needs and tenant success while balancing the sometimes competing interests of these groups. Engaging tenants and the broader community early in the process ensures that precincts are vibrant, commercially resilient, and aligned with real-world user demands.

Engaging and Designing for the Users – Both Community and Tenants

Developers can gain valuable insights by bringing the community, potential users, and tenants into the conversation before designs are even on the table. In an increasingly diverse and complex Australia, understanding target users' emotional and lifestyle drivers has become more challenging.

Through strategic engagement, developers can uncover what communities and target customers truly value, leading to designs that reflect local character and meet real needs. This approach fosters strong community support from the outset, resulting in:

• Greater emotional connection to the place
• Higher word-of-mouth referrals
• Increased visitation and sales

When precincts reflect their users' values and aspirations, they become destinations that people return to, rather than just places they pass through.

Designing with Both Users and Tenants: A Sustainable Approach

There is often tension between what tenants need and what best serves customers and the community. Large-format retailers may prioritise store layouts optimised for efficiency, while specialty retailers—who are crucial to asset value—thrive in more diverse, human-scaled environments. Additionally, tenants do not always have accurate insights into what their customers truly want.

Bellringer’s projects demonstrate that working collaboratively with both tenants and community stakeholders leads to more sustainable, adaptable, and commercially successful precincts.

Key Benefits of a Balanced Tenant and Community-Centric Approach

• Informed Creation of Spaces – Engaging tenants and users early leads to better functionality, improved sales performance, and higher tenant satisfaction.
• Flexible Tenancies – Designing adaptable spaces that accommodate a range of tenants and evolving business models reduces long-term vacancy risks.
• Shared Responsibility for Activation – Tenants involved in the design process are more likely to participate in community events, pop-ups, and precinct activation efforts, increasing foot traffic and engagement.
• Attracting the Right Tenants – Precincts designed with strong user appeal attract successful tenants, driving higher visitation, sales, and rents.

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Unlocking Hidden Potential

Non-core assets hold immense potential to drive economic and community value. The Urbis Shopping Centre Benchmarks 2024 confirms that activating these spaces increases foot traffic, lease values, and tenant retention, creating resilient, long-term economic hubs.

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Bellringer’s projects show that transformation often begins with a simple question: What more could this space be? By applying people-centred, community-first principles, Bellringer turns underutilised spaces into thriving, vibrant precincts that enhance the performance of core assets and deliver lasting value for communities.

Sources

1. Urbis Shopping Centre Benchmarks 2024 – Analysis of retail centre performance, highlighting the importance of flexible spaces and community engagement in driving economic returns.
2. Bellringer Development Process – Comprehensive guide to creating resilient, socially connected precincts through disciplined project management.
3. Bellringer Key Principles for Successful Retail – Bellringer’s proven framework for designing people-focused, diverse, and economically sustainable precincts.
4. Bellringer Retail & Ground Plane Design Principles – Practical guidelines for designing engaging ground planes that enhance tenant and community experience.
5. Bellringer Blueprint for Ground Plane Retail Development – A structured approach to designing vibrant, adaptable, and commercially successful retail precincts, integrating people-centric design, operational efficiency, and community-driven placemaking.

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